Parallel market operators are quoting a buy price of N1400/$1 for holders of dollars looking to sell marking a significant strengthening on the naira.
This indicates that the exchange rate has been gaining lately as speculators start to dump their hoard of dollars following waning demand.
Multiple sources who operate in the parallel market revealed that the naira has risen from around N1600/$ which it closed yesterday to N1500/$ (some quoted N1550/$1) if they are to sell to you.
However, they buy at N1400/$1 allowing them to make a spread of N100/$1.
A trader expressed happiness with the development stating that a stronger Naira is good business.
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